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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Providence Resources Plc | PVR | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 3.25 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 3.25 |
| Top Posts |
|---|
Posted at 15/9/2022 21:51 by cephalosaurus No investor will commit money before the lease undertaking is signed. By now I would be surprised if the company hadn’t at least lined up prospective investors subject to the lease undertaking. Ryan and his mob are not trustworthy. Looking at his photo in an earlier article posted here today, I wouldn’t want to met him in a dark space, he looks stone cold scary. No wonder his staff are afraid of him, probably threatens them with murder on a daily basis. |
Posted at 16/7/2022 19:10 by contrarymary I see 10-15p if the LU is granted. It will set a good tone going forward.I see a lot more if they then get some proper real funding for the appraisal / phase 1 development from some proper real investors. |
Posted at 15/7/2022 09:16 by panadin Magazine article:MUCH FANFARE was expended last week by the Jimmy Menton-chaired board of Providence Resources in announcing the appointment of Alan Curran as interim chief executive. Just the man Providence needs, the frustrated investors will certainly have thought, reading the press release’s information about Curran’s “40 years in the oil and gas industry … wide range of senior roles … a transformational restructuring strategy at Verus Petroleum”, and his oversight of “$500 million of acquisitions” and finance raising activity. They will have been just as impressed, no doubt, by the manner in which Curran had used his 40 years of industry expertise over the last two years in leading “Ortus Petroleum, an investment vehicle for oil and gas exploration in north-west Europe”. Some eager shareholders may even have sought out an interview from 2019, in the early days of Ortus Petroleum, which Curran gave to the oil and gas trade magazine Energy Voice. In that interview, the new Providence boss said he was putting his “shoulder to the wheel” in the search for funding, and that he had been “pounding the streets of London” on various “scouting trips and recon missions” looking for investment funds. Curran was aware of just what a difficult prospect he was facing at the time, noting that “some institutions are holding back from investing, but there are others that see good quality opportunities, so it just depends how you trim your sails”. He went on to reassure Energy Voice readers, “There is still going to be healthy demand for the right type of oil projects over the next 20 years. I stand to be corrected in six months if we have no funding.” It appears that Curran stands corrected. The most recent documents for Ortus show that in February this year the Scottish company was placed into liquidation by Curran, having evidently raised no money and acquired no assets. Goldhawk expects that this won’t worry the experienced oilman too much, since he has already told Energy Voice that the pursuit of cash is not his primary motivation: “I could have chosen to enjoy a comfortable lifestyle, but that’s not me. I want to be part of the industry for the next fi ve years plus. If I was driven only by money, I could not do what we do. I’d have gone down a diff erent path.” Goldhawk wonders if Larry Goodman and Nick Furlong, two of Providence’s biggest shareholders and two of the shrewdest dealmakers in Ireland, share Curran’s disregard for fumbling in the greasy till. |
Posted at 28/6/2022 17:03 by gofkc Larry Goodman is believed to have increased his stake to over 15 per cent of Providence Resources, making him the largest single shareholder in the exploration minnow. Goodman, one of Ireland’s richest people, first invested in Providence about 14 months ago, but he has been building his stake significantly recently. Last week it emerged that he had built an 8.8 per cent stake in Providence using his investment company Vevan Unlimited Company after participating in a $1.8 million placing of securities by the company with its existing shareholders. But has he now increased his position even further? On Monday, an 8.2 per cent shareholder in Providence called M&G Investment Management sold most of its shares to a new purchaser. The buyer of this position, which was sold in one chunk, is believed to be Goodman’s Vevan Unlimited Company. The beef baron originally bought into Providence just below the 3 per cent disclosure level in April 2021. Later in 2021, he increased his stake by buying shares from M&G, so he has an established track record in buying shares in Providence from the British asset manager. Up 40 per cent in five days Providence’s share price has been a rollercoaster for investors in recent years, but it is up almost 40 per cent in the last five trading days, albeit off a small base. Its current market capitalisation is only €26.6 million, far off its peak in the low billions when the company announced it had discovered the Barryroe oil field off the coast of Kinsale in 2012. Goodman is famously shrewd and media-shy, rarely commenting on his business affairs. He has actively traded in dozens of Irish shares over the years, but usually stays below reporting thresholds unless he has reason to do so. He has increased his stake in Providence at a time of rising energy prices and concerns about energy security in Ireland. David Horgan, chairman of oil and gas explorer Clontarf Energy, told The Irish Independent on Monday that Ireland is exposed to Russia cutting off the European gas market even if it does not directly buy gas off from Gazprom. “Ireland has been plunged into the likelihood of shortfalls,” Horgan said. “I couldn’t count on Brexit Britain now cutting its own customers off to supply Ireland.” Providence’s recent $1.8 million placing ensured its continued survival. It does not currently have a chief executive but is led by executive chair Jimmy Menton. For the business to develop an oil field like Barryroe, it will need wealthy shareholders, a new chief executive and Irish government support. In Goodman, it now has a billionaire investor, but work remains to be done on the other two factors. |
Posted at 22/6/2022 22:59 by 1cagney There has been far too much bullish ness and more than enough trolling here. I personally hope that this asset is proven and extracted in accordance with current macro economic necessity/events AND keeping in mind our relatively miniscule impact to climate change (and yes to the trollers I acknowledge our agriculture input) GL all investors. Cag. |
Posted at 21/6/2022 14:59 by p5tvr Can see investors scrambling to buy shares here...NOT!!!...LOL |
Posted at 23/5/2022 20:43 by ps200306 Fascinating insight into the paradoxes and contradictions at the heart of investor ESG criteria... hxxps://rogerpielkej |
Posted at 26/4/2022 02:11 by steelwatch Hat tip to thewackmiester over on the LSE PRD thread:Providence Resources, the Irish oil exploration company, hopes to receive a crucial licence from the government in the next 90 days so it can drill an appraisal well in the Barryroe oil field, its recently appointed executive chairman has said. James Menton said the company was aiming to potentially begin commercial production from the site by mid-2026. Speaking to the Business Post last week, he said he hoped the government would grant the firm a lease undertaking licence within the next three months and allow the company to begin raising the $65 million necessary to finance an appraisal well. “We believe we’ve complied with all of the regulations required to get a lease undertaken from the government. So I’m hoping in the next 90 days we’ll have the lease undertaking in place and then we’ll be straight into fundraising mode to finance the appraisal well,” he said. Menton believes there is significant appetite from both existing shareholders and new investors to fund a fresh $65 million equity raise, which will be needed to cover the cost of drilling any appraisal wells in the Barryroe oil field, located off the coast of Cork. The biggest challenge for the company, however, will be to receive the lease undertaking licence it needs from the Department of Energy, Climate and Communications (DECC), which requires sign off from Eamon Ryan, the Climate Minister and leader of the Green Party. Menton said he had written to Ryan twice in recent months about the licence and also contacted senior officials in DECC but had received no response to date. When contacted by this newspaper on the status of the application by Providence for a lease undertaking licence at Barryroe, a spokesman for DECC confirmed it had received the application and that it was still under consideration by officials. Last year, the government approved a formal ban on licences for oil and natural gas exploration in Irish waters but it only extends to applications for new licences. Providence Resources is exempt from the ban as it received its original exploration licence to develop the Barryroe oil field over a decade ago. “We’re not climate deniers here. We fully support the government’s climate change policies but we also know that gas and oil are still going to be needed as transition fuels for many years to come. And our goal is to exploit some of the Barryroe oil field in a very short ten-year time period to meet that need,” Menton said. Based on a ten-year time frame and an average oil price of $70 per barrel, Menton believes the company could extract over $400 million worth of oil from the site, which would be enough to displace up to 40 per cent of Ireland’s oil import needs but is still only a fraction of the full potential of Barryroe. A geological survey completed at the oil field last year estimated there is about 80 million barrels of oil at Barryroe, which is valued at more than $8 billion based on today’s oil price. Should the company be granted a lease undertaking licence and it successfully raises the equity needed to drill an appraisal well, Menton is confident Providence can begin commercial oil production at Barryroe from mid-2026. “The invastion of Ukraine has crystallised a major issue that has always been hovering in the background for Europe, which is our casual reliance on Russia for one of the most important substances for the survival of civil society: energy,” he said. “Ireland is likely already in breach of EU rules on energy security. The right strategic options need to be taken so we don’t allow the country to become too vulnerable on energy.” Menton was appointed executive chairman of Providence Resources last year following the sudden departure of Alan Linn, its then chief executive. A former partner in accountancy firm KPMG, Menton said the company would seek to appoint a new chief executive in time but this depended on first securing a lease undertaking licence from the government. GLA Wacky |
Posted at 24/4/2022 20:23 by raisethestake1 To raise the 65 million off existing and new investors , it would call for the issue of billions of new shares. At the moment PVR has market cap of 23 million with a share in issue of 975 million.It happened when they raised for Druid/Drombeg with 900% dilution and now they will do it again , no bother to them. Anything to get them past the next AGM. I genuinely hope the best for all the stakeholders here but I am glad to be out. It's not once bitten twice shy, it's multiple times bitten here for me. I made and lost here in the past and have learned the hard way to not believe a word I hear from the company. There are many examples that longtermers will be very aware of. GLALTHs |
Posted at 15/4/2022 09:16 by murmurs I'm going to have a try at estimating the possible hydrogen (H2) value of Barryroe when depleted. Joe Biden began an Energy Earthshot (1,1,1) that is to target a price of clean H2 for $1 per 1 kilo in 1 decade. What would the resource that has not been recovered from BROE be worth. Proton technologies (PT) on their website (see proton.energy) claim that for each 200 mil barrels of hydrocarbon in place 1000 tons of H2 per day could be produced for 25 years. 1000 x 365 x 25 = 9,125,000 tons. A ton (1000 kilos) value could be $1000. 9,125,000 x 1000 = $9.125 billion. 9,125,000 / 200,000,000 = $45.625 per barrel of oil in place. The Investors Presentation 2020 on PVR's website has the gross STOIIP mid at 1826 mil bls with 311 mil recoverable. On depletion that would leave 1500 mil bls in the ground. $9.125 X 7.5 = $68.4375 billion. |
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